5 Best S&P 500 Stocks To Buy According to Ray Dalio’s Bridgewater Associates

4. PepsiCo, Inc. (NASDAQ:PEP)

Percentage of Bridgewater Associates’ portfolio as of Q2 2023: 2.93%

Number of Hedge Fund Holders: 68

PepsiCo, Inc. (NASDAQ:PEP) is one of the biggest fast-moving consumer goods companies in the world known for its signature soft drink, Pepsi. According to Piper Sandler’s Fall 2023 Taking Stock With Teens survey, PepsiCo, Inc. (NASDAQ:PEP) owns three of the top 5 snacks preferred by teenagers.

In its third quarter, PepsiCo, Inc. (NASDAQ:PEP) posted an EPS of $2.25, outperforming the analyst estimates by $0.10. The company generated a revenue of $23.45 billion which was in line with the market expectations. Its organic sales grew by 8.8%, compared to the forecasted 8.3%. PepsiCo, Inc. (NASDAQ:PEP) updated its EPS outlook for FY 2023 and now expects a 13 percent core constant currency EPS growth, up from the previous guidance of 12%.

In the second quarter, Bridgewater Associates owned over 2.56 million shares of PepsiCo, Inc. (NASDAQ:PEP) worth $475.379 million, representing 2.93% of the firm’s 13F portfolio.

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